Bank of Nova Scotia (NYSE:BNS) Sets New 1-Year High at $53.28

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS shares reached a new 52-week high during trading on Thursday . The company traded as high as $53.28 and last traded at $53.15, with a volume of 21198 shares trading hands. The stock had previously closed at $52.43.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BNS. StockNews.com cut Bank of Nova Scotia from a "hold" rating to a "sell" rating in a research note on Wednesday, May 29th. UBS Group began coverage on Bank of Nova Scotia in a research note on Tuesday, July 2nd. They set a "neutral" rating on the stock. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of "Hold" and an average price target of $69.00.

Bank of Nova Scotia Stock Performance

The company has a market cap of $65.27 billion, a P/E ratio of 11.81, a PEG ratio of 1.64 and a beta of 1.04. The firm has a 50 day moving average of $48.04 and a 200-day moving average of $47.90. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.01. The company had revenue of $8.36 billion during the quarter, compared to analyst estimates of $8.53 billion. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. Bank of Nova Scotia's revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.30 earnings per share. As a group, sell-side analysts anticipate that The Bank of Nova Scotia will post 4.8 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd will be issued a dividend of $0.768 per share. The ex-dividend date is Wednesday, October 2nd. This represents a $3.07 dividend on an annualized basis and a yield of 5.79%. Bank of Nova Scotia's dividend payout ratio is currently 70.72%.

Institutional Trading of Bank of Nova Scotia

A number of hedge funds have recently bought and sold shares of the stock. Pathway Financial Advisers LLC lifted its holdings in Bank of Nova Scotia by 1.9% during the second quarter. Pathway Financial Advisers LLC now owns 72,474 shares of the bank's stock worth $3,309,000 after buying an additional 1,318 shares during the period. Scientech Research LLC purchased a new stake in shares of Bank of Nova Scotia during the 2nd quarter valued at $335,000. Legal & General Group Plc lifted its holdings in shares of Bank of Nova Scotia by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 9,281,724 shares of the bank's stock valued at $424,497,000 after purchasing an additional 57,796 shares during the last quarter. Lighthouse Investment Partners LLC lifted its holdings in shares of Bank of Nova Scotia by 212.7% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 13,003 shares of the bank's stock valued at $595,000 after purchasing an additional 8,845 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of Bank of Nova Scotia by 4.7% during the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank's stock valued at $690,438,000 after purchasing an additional 683,946 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.